Updated return for AY 2021-22

This query is : Resolved

Gaurav (Querist)
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21 June 2024 Hello Members,

The client had filed the return as per timelines for AY 21-22. The Return was directly filed by Client at that time via using some online website services. Apparently, Income from Salary was missed while filing the ITR, subsequently the entire amount of TDS deducted on Salary was also refunded by the department.
Now there has been a notice issued with respect of mismatch between the AI and the ITR filed. Post this notice client realized the above error. Need suggestion:

1. Since time limit for filing the updated return for AY 21-22 has already passed, is there any way we can file the updated return?
2. What will be the maximum penalty that will be applicable in this case?
3. Since client had accidentally missed out on this, any other recourse available to get this corrected with minimal penalty applicablity.

Regards

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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21 June 2024 1 No way.
2 As per Section 271(C) of the Income Tax Act of 1961, in case of hiding or understating your income, the penalty can be anywhere between 100% to 300% of the amount of tax that was due but not paid.
3 Request for minimal penalty.